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Bitcoin is the first digital currency that is decentralized that was invented in 2009 by an individual or a group of people using the pseudonym Satoshi Nakamoto. To this day the identity of the group or person behind the pseudonym is unknown.
Bitcoin was created as a response to the 2008 global financial crisis. Many blamed the traditional banking system and central financial institutions. Nakamoto’s aim was to develop an electronic peer-to-peer cash system that would allow users to trade directly with one another, without the need to rely on intermediaries.
On the 12th of January in 2009, Nakamoto sent 10 Bitcoins (a developer and an early Bitcoin enthusiast) to Hal Finney. This was an important significant turning point in the development of Bitcoin and is managed today by a computer network that spans the world.
Bitcoin Market that allows people to purchase and sell Bitcoins in exchange for fiat currencies, was established in 2010. This was a significant achievement for the currency because it allowed for widespread adoption and improved liquidity.
The Mt. Gox was among the most popular Bitcoin exchanges at that time. The exchange was compromised, which led to 850,000 Bitcoins being lost. The hack caused a major loss for the currency, but it was eventually able to recover.
The first time one Bitcoin exceeded $1,000 was in the year 2013. This was an important moment in the history of Bitcoin. The following period saw an increase in value, and the Bitcoin value reaching $19,783.06 in Dec 2017.
While Bitcoin’s price has fluctuated in the past however, it’s remained a well-recognized digital currency. Many businesses and merchants accept it as a payment method.
Bitcoin has also inspired the development of many other cryptocurrencies also known as altcoins which have similar characteristics and functions.
Bitcoin was created in 2009, by an unidentified person or group whose pseudonym was Satoshi Nakamoto. It is a decentralized and decentralized digital currency that permits peer to peer transactions, without the necessity for intermediaries. Bitcoin has seen significant growth since its inception and is now a well-known digital currency. Despite numerous setbacks, such as hacking, Bitcoin is popular and continues to inspire the creation other cryptocurrencies.
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